5 Tips for Selecting the Right Overseas Money Transfer Company
Sending money overseas has simplified considerably since the turn of the last century, mainly because of the arrival of several FinTech players. Now, you no longer have to worry about escalated costs and lengthy turnaround times typically associated with using the services of banks. However, selecting the right service provider requires that you pay attention to your individual needs because no single company works equally well for everyone.
How, then, do you go about selecting an overseas money transfer company? All you need to do is follow a few simple tips.
Two factors affect the cost of an international money transfer – exchange rates and fees. Most companies add markups to existing interbank rates, and you may find rather varied rates provided by different companies at the same time. Also, they tend to follow different fee structures as well. An easy way to get around comparing exchange rates and fees is to simply look at how much money the recipient stands to receive through different service providers.
Select a Suitable Transfer Method
If the recipient requires the money in a rush, your best bet is to work with a company that has a network of agent locations. While these transfers usually come at an added cost, they tend to process almost immediately. All the recipient requires to collect the cash is a valid form of ID and a transaction number. Some companies that provide cash transfers include WorldRemit, Western Union, MoneyGram, and Ria.
If you’re not in a hurry to send the money across, consider transferring it directly into the recipient’s bank account. Depending on where you and the recipient live, along with the company you select, your transfer might take one to five business days to process. To send money to an overseas bank account, some of your options include TransferWise, WorldFirst, WorldRemit, TorFX, and XE Money Transfer.
Some companies such as Western Union, Azimo, and WorldRemit let you top off mobile wallets from different countries as well.
Consider Different Payment Options
Common modes of payment include bank account transfers, debit cards, and credit cards. However, expect an added fee if you plan to pay for your transfer by using a card. Depending on where you live and the company you work with, other payment methods on offer include ACH, Apple Pay, Google Pay, SOFORT, POLi, CHAPS, BACS, and FPX.
Make Use of Promotional Offers
Promotional offers typically come in the form of fee-free transfers for new customers. Some companies give you the ability to earn reward points when you make qualifying transfers, which you may use toward subsequent transfers. Referral programs also give you the ability to earn rewards.
Don’t Forget Customer Service
You never know when you might need some kind of assistance with your transfer, which is why this aspect requires your particular attention. Trustpilot, a review-based website, lets you look at what previous customers of different overseas money transfer companies have to say about their services. Bear in mind that while online support via chat and email is easy to find, not all companies provide over-the-phone support.
Finding an international money transfer company that works well for you is relatively easy. Start by identifying your requirements, and then compare aspects such as cost-effectiveness, speed, and customer service.